Help With Student Loans - HERE!

Sagramour

Hi, I recently tried to reclaim student loan payments but was refused. I earned over the threshold for PAYE and loan repayments were deducted. However, I also had a loss from self-employment offset against income reducing total gross income for the year to well under the threshold for the year. Is there any way of obtaining a refund for this year?

Zinns

Hello

I want an objective view as to whether I should pay off my Plan 1 student loan - a lot of literature online doesn't really deal with this (even MSE's article about it recommends that you're better off saving than paying the loan off). My monthly repayment for my student loan comes to about £358, which I feel is quite high and almost mimics a commercial loan repayment amount.

Overview of finances
Annual salary - £66,500
Savings - £11,480
Student loan - £13,500
Other debts:
Amex - £550
Lloyds Bank personal loan - £5,398

My monthly expenses are low so I am able to save at a rate of approx. £2,000 a month if I stay on my budget. I don't have any large incidental costs coming up anytime soon. I want to purchase a home at some point next year. I'm looking at using Help to Buy so would ideally want to put aside around £20,000 for everything (deposit, legal fees, furniture etc.).

Any thoughts? Thanks.

sheramber

Backto5 wrote: »

Thanks but the most certainly do. They are treated as earned income but I married and it is a joint claim so surely they can't take it all into account?

https://www.ucas.com/file/167536/download?token=XYxQ07_E
If you get tax credits, these don’t count as income for working out your student loan repayment.

sheramber

quacker13 wrote: »

Hi,
I' just about to defer my student loan as i'm not earning much money at all and was wondering what to do about when it comes to working out my income for the year if I work casual hours for an agency? I can work anything from 0 hours a week to 25 hours a week as I just cover people who have called in sick etc... and the job could end completely at any time. Anyone have any ideas?

https://www.slc.co.uk/students-and-customers/loan-repayment/completing-a-form-help-and-evidence/living-in-the-uk.aspx

If you have any questions about the Confirmation of Customer Details form or on the evidence required, call us on: 0300 100 0611 (Mon – Fri 8am - 8pm) or if you live in Wales: 0300 100 0370 (Mon - Fri 8am - 6pm)

silvercar

Zinns wrote: »

Hello

I want an objective view as to whether I should pay off my Plan 1 student loan - a lot of literature online doesn't really deal with this (even MSE's article about it recommends that you're better off saving than paying the loan off). My monthly repayment for my student loan comes to about £358, which I feel is quite high and almost mimics a commercial loan repayment amount.

Overview of finances
Annual salary - £66,500
Savings - £11,480
Student loan - £13,500
Other debts:
Amex - £550
Lloyds Bank personal loan - £5,398

My monthly expenses are low so I am able to save at a rate of approx. £2,000 a month if I stay on my budget. I don't have any large incidental costs coming up anytime soon. I want to purchase a home at some point next year. I'm looking at using Help to Buy so would ideally want to put aside around £20,000 for everything (deposit, legal fees, furniture etc.).

Any thoughts? Thanks.

In 40 months time, you could look back at those £358 a month repayments and think you could have been at break even point if you had repaid the loan now.

One thing to consider is whether you need your savings for a home deposit. If you do (or if the higher deposit will lower the interest rate).

Compare the interest rate on the student loan against the credit card, you should aim to clear the lower interest rate first.

lisaroguex

Hi

I have a student loan but in the meantime my previous employer has paid my fees for the last year. Can I claim this back from the college in cash or is there any regulation that says I must reverese the student loan?

Thanks
Lisa

silvercar

lisaroguex wrote: »

Hi

I have a student loan but in the meantime my previous employer has paid my fees for the last year. Can I claim this back from the college in cash or is there any regulation that says I must reverese the student loan?

Thanks
Lisa

First check if the student loan company have actually paid the fees. They have a later payment date than privately funded students.

If you don't need the fee component of the student loan, then you shouldn't take it. You can't apply for the fees loan and keep the money for maintenance.

I'm assuming this is an undergraduate course. For post-grad the loan is one amount to cover everything, so no need to split the maintenance from the fee element.

Olaf01234

Student finance counter fraud asked me for 3 months bank statements, childcare payments From January last year and tax credit letters (which I do not receive) I have willingly sent all information requested, and now they wish to telephone interview me! I have no idea why and do not believe I have filled out anything wrong can anyone please advise why this is? All my payments have subsequently been blocked? I HAVE recieved an overpayment by student finance that I am paying back so I am at a total loss as to why this is happening - can anyone advise - I am really worried!

LilyBirkett

Hey,

I understand that unless you are early a good salary it is not worth paying back your undergraduate loan. But what about your masters loan? It comes out of a separate pot apparently...

Lotak

LilyBirkett wrote: »

Hey,

I understand that unless you are early a good salary it is not worth paying back your undergraduate loan. But what about your masters loan? It comes out of a separate pot apparently...

Generally, any income contingent loan should not be repaid early, unless you earn enough to know you're certain to repay it. Then, it's a case of whether or not you want to overpay or use that excess money for (say) a deposit for a house / emergency savings.

If the repayment of the Master's loan is income contingent, then it follows the same as the undergrad loan.
If the repayment is like a standard loan (i.e. you have to pay it back, monthly, whether you like it or not), then consider the interest rate. If it's an expensive rate, overpay, otherwise don't.

You may want to consider a Balance Transfer, but that will have an impact on your credit file, so is only recommended if (and only if) you will repay in the timescale and you aren't looking to borrow more in the near future.